BONITA SPRINGS, FL - December 17, 2013 - Innovative Food Holdings (OTCQB: IVFH), a leading nationwide provider of specialty foods, healthcare foods, gluten free foods, and direct from source artisanal foods to the professional foodservice market, today announced that it has completed a financing transaction with Fifth Third Bank that will provide a $1.0 million revolving credit facility and a $1.0 million term credit facility.
The financing package will be used to pay down the balance of the Company's $1.2 million loan it incurred for the acquisition of Artisan Specialty Foods, Inc., as well as general corporate purposes.
Sam Klepfish, CEO of Innovative Food Holdings, commented, "We believe that this is a significant step for the Company as it strengthens our capitalization and financial flexibility, provides us greater access to capital for investments and acquisitions, and pays down certain notes. In addition, we are pleased to be able to secure financing which reduces dilution to our shareholders."
For additional details, please access Innovative Food Holding's Current Report on Form 8-K filed with the Securities and Exchange Commission on December 16, 2013.
ABOUT INNOVATIVE FOOD HOLDINGS, INC.
Innovative Food Holdings, through its subsidiaries, is a leading nationwide provider of direct from source specialty foods, healthcare foods, gluten free foods, and artisanal foods, to the professional foodservice market. IVFH also markets those products directly to the consumer, through its website at www.forthegourmet.com. Many of Innovative Food Holdings' 7,000+ products are used on a daily basis by approximately 30,000 of some of the leading professional chefs across the United States.
This release contains certain forward-looking statements and information relating to Innovative Food Holdings, Inc. (IVFH) (the "Company") that are based on the current beliefs of the Company's management, as well as assumptions made by, and information currently available to, the Company. Such statements reflect the current views of the Company with respect to future events and are subject to certain assumptions, including those described in this release. Should one or more of these underlying assumptions prove incorrect, actual results may vary materially from those described herein as "should," "could," "anticipate," "believe," "intend," "plan," "might," "potentially" or "expect." The Company does not intend to update these forward-looking statements.
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SOURCE: Innovative Food Holdings, Inc.